In the 2024 economy, the topic of Cost-of-Living-Adjustments (COLAs) is as popular as ever.

Social Security recipients always have some interest in this topic. But given how tough things are financially these past few years, it’s a topic that’s become more crucial to the average retiree’s standard of living.

Some economists have a bleak outlook for the future. They say inflation could worsen, and a recession could even be possible. In this case, benefit adjustments are especially important. But what about if the opposite happens?

If the economy improves substantially in the coming years, that would be a good thing without a doubt — but would it mean that COLAs would be less important?

Benefit Adjustments are Helping Seniors Across the Country

With costs rising at a rapid rate, any increase in Social Security benefits is a welcomed change.

Expenses like gas and groceries continue to tick upward. There’s also the matter of rising medical costs, which is a topic seniors are more invested in than other demographics.

All these increases create a situation that reminds us just how crucial benefits are. Specifically, it reminds us just how crucial fair adjustments are in order to keep up with the changing economy.

But even if the economy were to improve and prices were to go down, adjustments would still be important. When it comes to benefit adjustments, they’re as much a matter of fairness as they are a smart economic move.

Since adjustments aren’t raises in the traditional sense, campaigning for them is about making sure seniors get what they deserve.

Keep COLAS a Priority No Matter the Economic Outlook

Even if the economy improves, seniors still deserve everything they’ve paid into Social Security. While it could be said that these adjustments are more valuable in times of financial hardship, they’re deserved no matter the situation.

Will you help us make sure that seniors remain a priority in Washington? Read here about our efforts to make yearly COLAs a reality for all seniors. You can also follow us on Facebook and Twitter for more retirement news.